A report from Glacier Media in Canada. "Since May 1, 2018, only 43 detached homes in the Metro Vancouver region – stretching from Mission and Delta to the Sunshine Coast and Whistler – have sold above $7 million. All 43 of those houses sold for below asking, averaging a discount of 16 per cent off the list price. The biggest price drop seen in the region’s $7 million-plus sector over the past year was the sale of this stunning West Vancouver house (see our listing photo gallery), which sold for $10.8 million, more than $6 million below the $16.88 million asking price."

"But this does not include homes that failed to sell, were taken off the market and then quietly given a new listing at a lower price, which are much harder to quantify but seem to be numerous. Examples include this contemporary West Vancouver mansion, which was listed at $16.58 million back in July 2018 but now has a new listing at $13.6 million."

"Vancouver realtor Faith Wilson, who was the listing agent on the Shaughnessy home sold for $26 million, told Glacier Media, 'Sellers have to get into the slipstream of reality. And buyers also have to be reasonable in their offers.'"

The Times Colonist in Canada. "'We’re seeing many sellers who want to list their homes at 2016 and 2017 prices, expecting to get the same amount of money their neighbour did two years ago, which isn’t realistic,' says Kaye Broens, Vancouver Island Real Estate Board ’s president. 'On the other hand, some buyers are questioning the fair market value of a home they’re interested in and choosing not to purchase, which is counterproductive.'"

From CanIndia in Canada. "Ask anyone why Canada’s real estate market remains sluggish, and they will instinctively point to the much-maligned mortgage stress test. But a report issued by the Bank of Canada (BoC) paints a very different picture of what happened in the overheated real estate markets in the GTA and Vancouver."

"The report never uses the word 'bubble,' preferring the more neutral-sounding term 'froth,' and points to excessive enthusiasm led to runaway house price growth, followed by the inevitable snap-back once there weren’t enough buyers to keep the party going."

"In other words, people panicked. Expecting house prices to keep growing rapidly, they jumped into the market as soon as they could, and so further pushed up prices and home sales. Then new taxes and mortgage rules took hold."

"A recent study from Zoocasa highlighted how extreme the problem has become. It estimates only the top 2.5 per cent of Vancouver’s earners, and the top 10 per cent of Toronto’s earners, could afford a detached home today. Only the top 25 per cent of earners in these cities can even afford a condo. So, in the end the blame falls on buyers who threw caution and common sense to the wind and bought homes at vastly inflated prices and sellers who cashed in on the frenzy in an era of bidding."

From Domain News in Australia. "Melbourne’s outermost suburbs are bucking the citywide house price downturn, which has now spread to most of the city. In the year to March, the suburb with the biggest decline was inner north-eastern Fairfield, where the median house price slipped 21.4 per cent to $1,122,500, the Domain House Price Report, released this week, shows."

"It was closely followed by South Melbourne’s 21.1 per cent drop to a house price median of $1.2 million. Canterbury and Caulfield North, both down 20.9 per cent, and Abbotsford and Hawthorn East, down by 20.8 per cent apiece, made up the top five suburbs to fall."

"Domain senior research analyst Nicola Powell said a definite trend for Melbourne’s slowdown had started to emerge with the pricier suburbs being hit first. The latest figures revealed the cooling market was moving outwards. 'Anything with a median over $900,000 has seen a double-digit median house price fall over the past year,' Dr Powell said."

The Herald Sun in Australia. "Research4 director Colin Keane said the typical lot in Melbourne’s new housing estates was now $40,000 overvalued compared to where it normally sits against the city’s median house price. With the city’s established house prices falling further, putting more downward pressure on land prices, speculators with their eyes on the 30 per cent growth in land prices seen across 2017 are now choosing to forfeit thousands of dollars in deposits rather than settle a block and sell it for a larger loss."

From Which Car in Australia. "Sales of Australian new cars have continued to drop, with data for the month of April showing that year to date sales are down by 8.1 percent compared to this time last year, while last month’s figures were the lowest thus far for 2019. Why the big slip? The answer appears to be inextricably linked to the fortunes of the housing market."

"It’s no small secret that the Australian property boom is over. Housing values in Sydney and Melbourne have followed the lead of Perth and come down from their peak significantly, and a broader correction in house prices appears to be in progress."

"From an industry point of view, it’s the top end of town that’s been hurting most thus far. With high-value assets like property suddenly shedding value en masse, it’s no surprise that luxury car dealers are moving less metal as a result. Even Ferrari was flying high on the back of property price surges not long ago, but those days look to be over."

"'That whole luxury market has been affected [by property]. There’s a direct correlation between new car sales and housing. Sydney and Melbourne [house prices] are off significantly, so the car market as a whole has come off significantly,' said Jaguar Land Rover spokesperson Tim Krieger to WhichCar. 'I think it’s a result of that housing collapse in Sydney and Melbourne.'"

"And according to Krieger, there was also likely an element of substitution at play, as those in the ‘investor class’ shifted their car-buying plans toward more modest choices. 'For people who might have bought their house for $1.5 million and then saw it valued at $2.5 million, they’d be thinking ‘beautiful, I’ve got a million dollars of equity – time to buy a Range Rover Sport! But now they don’t have that, they might be thinking of a Mazda CX-9 instead.'"